Vietnam gold prices reach another year’s peak

Vietnam’s gold prices hit another high this year of over VND61 million ($2,677.51) per tael as global prices soared to a five-month high.

Saigon Jewelry Company (SJC) sold its gold for VND61.1 million per tael Tuesday morning, up 0.49 percent from Monday. A tael equals 37.5 grams or 1.2 ounces.

DOJI sold its gold at VND60.9 million, up 0.33 percent.

This means there is now a VND9.8 million gap between Vietnamese, and the global gold rate.

Gold prices are now at $1,862.81 per ounce after rallying to a five-month peak in the previous session, as concerns over broadening inflationary risks kept bullion’s safe-haven appeal intact in the face of a stronger U.S. dollar and elevated bond yields.

Some analysts anticipate further increases, while others remain conservative about the $1,870 resistance.